In an effort to further strengthen the fight against money laundering and terrorist financing, the Estonian government endorsed and forwarded a bill of amendment of the existing Money Laundering and Terrorist Financing Prevention Act to the Riigikogu on Thursday. The amended bill is concerned with establishing a register of bank accounts to give the Financial Intelligent Unit access to it.
The bill is expected to provide a framework for establishing a list of politically exposed people such as ministers, heads of state and constitutional institution, and members of Riigikogu in Estonia, and will require certain measures to prevent money-laundering.
The new development has been described as an important action taken by Estonia in implementing the EU’s 5th Anti-money laundering directive as it also aims to maximize the protection of whistleblowers, extend the coverage of people whose actions must be considerate of the requirements relating to the prevention of money laundering.
